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The Gramm-Leach-Bliley Act Financial Privacy Protection

Categories: Math

  • Words: 1767

Published: Oct 09, 2024

The Gramm-Leach-Bliley Act is which in other words is known as the Financial Services Modernization act that began in 1999 and is now relevant in society today. The act itself was created for the United States to control and monitor the ways that financial institutions dealt with the private information of individuals. The passing of this act was important so that it could keep the individuals protected financially. Since the time that this act was been passed, while the intentions behind the act were positive, there are still many people who have their financial information compromised which is a significantly negative problem. This is something that affects our country today. The Gramm-Leach-Bliley Act comes in three different parts. The three parts of this act consist of the Financial Privacy Rule, The Safeguards Rule, and Protecting provisions. In addition, this act requires the financial institutions to give the majority of the clients a composed notice that was private which discusses the private sharing rule. The Gramm- Leach-Bliley Act, while it has a few downsides and problems of compromising, has very positively impacted the nation and the general security of customers from bank to bank. This increase in general security has caused our overall economic system to be strengthened and for consumer confidence to increase.

The Gramm-Leach-Bliley Act has had such an expansive effect on the United States. In the United States, people have become increasingly worried about their bank information being compromised. The process of customer information being compromised is individually one of the main reasons that this act would come into play. The United States could make a framework where individuals realized that without this law being passed, undesirable data would be shared, which exhibits an absence of protection. By giving clients their arrangement of trade, it secures the data the native does not have any desire to be shared. Many individual polls took place in which stated that consumers were growing increasingly unhappy with banks lack of concern with their privacy. Studies that were done proved the consumers unhappiness was concerned with the current bank standards of the level of privacy for their consumers. The Gramm-Leach-Bliley has changed our daily living in different ways because it began to cancel out laws that were instilled in the era of the Depression. The act now represents and supports money related exchanges in today’s day in age. Essentially, this impacts how banks, securities firms, and different kinds of monetary establishments could combine to offer their clients a more entire scope of administrations. Furthermore, this bill finds a way to revise a portion of the most exceedingly terrible misuse of the 1977 Community Reinvestment Act a confused exertion that constrained banks to put resources into distraught neighborhoods notwithstanding when it was not fiscally achievable and to give shoppers huge new insurances of individual money related information.

Despite the fact that it is as yet not an ideal blend of conceivable monetary administrations changes, this enactment speaks to the hugest deregulation of the budgetary administrations industry in finished 50 years.

This act specifically affects my life in more ways than just one. A portion of the reasons that this act influences my life alongside the majority of my family and friends is on the grounds that it is ensuring something that we as a whole utilize which is financial balances, account numbers, and routing numbers. Without these things our bank information would simply be at the hands of people we did not intend it to be in. People would continually have access to our information with no regulation without this act. Yet, this is something that is profiting everybody with a money related circumstance at the current time alongside organizations. With this in mind, the fact that we once did not have this act makes it clear to see that without it, it was incredibly hard to monitor money related situations. It truly proves to be useful when managing budgetary circumstances since you don't need to be over the greater part of your monetary circumstances.

Individuals may now simply get all that data from your bank which has every one of the records of what cash you deposited or withdrew along with the money that has been spent. In addition, if money was taken out from your bank account that was not your doing, then the act itself comes into play. The bank would then be responsible for letting this situation occur. The bank itself would then have to figure out what is going on and get to the bottom of it for their customers.

The Gramm-Leach-Bliley-Act, coming into play in the year 1999, has since changed the way that our banks protect the information of consumers. Following a couple of changes and rectifications along the way, it is still having a positive impact in the world and helping individuals' lives all over our country. The Gramm-Leach-Bliley Act, that is used to protect and keep our financial information safe, has exemplified and proved its need in our economic world to date.

Works Cited

Center, Electronic Privacy Information. “EPIC - The Gramm-Leach-Bliley Act.” Electronic Privacy Information Center, epic.org/privacy/glba/#reduce.

Neale, Faith Journal of Economics and Business, 2005.

United States. General Accounting Office. Financial Privacy : Status of State Actions on Gramm-Leach-Bliley Act's Privacy Provisions. U.S. General Accounting Office, 2002.

Topic Proposal

The Gramm-Leach-Bliley Act is relevant in today’s society. The act itself was created for the United States to control and monitor the ways that financial institutions dealt with the private information of individuals. The passing of this act is important to keep individuals protected financially. While this act was passed with good intention, there are still many individuals who have their financial information compromised.

In the United States, people became increasingly worried about their bank information being compromised. Many polls took place in which stated that consumers were growing increasingly unhappy with consumers lack of concern with their privacy. Studies that were done proved the consumers unhappiness with the current bank standards of the level of privacy they had about sharing unwanted information.

Center, Electronic Privacy Information. “EPIC - The Gramm-Leach-Bliley Act.” Electronic Privacy Information Center, epic.org/privacy/glba/#reduce.

This is a good source because the website really explains the importance of the Gramm- Leach- Bliley Act. It is a great college source because it explains the history behind the act and the privacy protection under the Gramm Act.

Neale, Faith Journal of Economics and Business, 2005.

I thought that this source would be useful for my paper because it discusses not only what the act is but how it can be harmful. As I said earlier, while the act was put in place with good intentions, there were some downsides. This is a good source for college because it is a scholarly source.

United States. General Accounting Office. Financial Privacy : Status of State Actions on Gramm-Leach-Bliley Act's Privacy Provisions. U.S. General Accounting Office, 2002.

I found this book through the WSU library and I found it to be very credible and release. This book discusses the privacy aid that was intended to come from the Gramm Leach Bliley Act and why it was meant to be a positive, protective thing.

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